Quarterly report pursuant to Section 13 or 15(d)

DUE TO RELATED PARTY

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DUE TO RELATED PARTY
9 Months Ended
Sep. 30, 2020
Debt Disclosure [Abstract]  
DUE TO RELATED PARTY

NOTE 7 – DUE TO RELATED PARTY

 

During the nine months ended September 30, 2020, the Company received no advances from Joseph Segelman, the Company’s previous CEO, incurred business expenses that were paid by the CEO/director of $132,540 (comprised of operating expenses) and had repayments of $135,446. The Company has a balance owed to the related party of $1,227,264 and $1,165,171 at September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, accrued compensation-related party was $45,000 and $0, respectively. At December 31, 2019, the CEO and Secretary forgave all deferred compensation totaling $1,499,750 and based on ASC 470-50-40, Extinguishments of Debt, was included in Additional paid-in-capital in the accompanying consolidated Balance Sheets.